J.C. Penney land to be home to massive development

A development partnership that includes J.C. Penney expects to begin plans to develop 240 acres of recently purchased J.C. Penney land into a $2 billion mixed-use development called Legacy West that could rival the neighboring 168-acre Legacy Town Center.

The project is seen by the developers as a continuation of Legacy Town Center and could include offices, multifamily, retail, a hotel and corporate campus uses. The development partnership, dubbed Team Legacy, includes The Karahan Cos., Columbus Realty and Dallas-based KDC. As part of the deal, J.C. Penney will retain a large ownership stake in the partnership, which will develop the 240-acre project. J.C. Penney has owned the tract of land at the southwest corner of the Dallas North Tollway and State Highway 121 since 1987, after the retailer moved from New York.

The development group plans to soon begin master-planning Legacy West with the City of Plano. The initial phase of construction is expected to begin in the next 12 months. (2/6/14)